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Original poster

The current market is utterly depressing

105 replies

DrinkingLattes · 21/10/2023 11:19

Does anyone else feel the same way?

I'm a first time buyer and started house hunting around 4 months ago after my contract in work was made permanent. Deposit and AIP ready and solicitor lined up but there is absolutely nothing coming onto the market. I check right move every day and there are around 6-7 properties being listed but they are all flats or 4-5 bedroom houses. Where have all the starter homes gone? Is it just the time of year or the fact prices have fallen? I know people (myself included) were hoping that prices would come down due the mortgage rate rises but now it seems like people just don't want to sell... it's depressing Sad

OP posts:
Overthebow · 26/10/2023 22:21

CrashyTime · 26/10/2023 22:16

How could a FTB be hit worse than someone with loads of existing mortgage debt? They will just continue living where they are, many of them will be at parents on the cheap, the people most hit after big mortgage debtors will be those who thought FTB were going to continue to borrow loads so they could get X amount for their house or their chain could complete, they are now looking down the barrel of a 40% drop in FTB mortgage applications.

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We have a big mortgage, but we also have a large amount of equity. Prices would have to fall a lot to cause us any issues and it doesn’t look like that’s going to happen. Same for a lot of people who have mortgages, and there’s many more who don’t have a mortgage or only have a small one. First time buyers will be more affected because it’s going to take them longer to e able to buy. Rents have already gone up and it’s very competitive to get a rental in a lot of places at the moment. It’s still better to have bought then to rent.

MintJulia · 26/10/2023 22:33

The market feels the same as 2011 when I bought our current house. Due to the global crash, people were sitting tight, nothing coming on to the market, and I was desperate to move, was on notice over the lease on our temporary flat, and needed to get ds into a school catchment area and into a permanent home.

Contact every agent in your target area. Haunt their shops on a Saturday morning. Call them at least twice a week. Keep calling.

I found somewhere eventually and completed with about a month to spare but it was a close run thing.

Twiglets1 · 26/10/2023 22:34

Someone living at their parents house is not, by definition, a FTB.

A FTB is someone who has recently bought or is buying a property for the first time and they are the ones most likely to have small deposits compared to people who bought years ago and have been paying it off for years, maybe even overpaying while rates were low.

It’s generally younger people who will be hardest hit which doesn’t seem at all fair.

CrashyTime · 26/10/2023 22:39

Twiglets1 · 26/10/2023 22:34

Someone living at their parents house is not, by definition, a FTB.

A FTB is someone who has recently bought or is buying a property for the first time and they are the ones most likely to have small deposits compared to people who bought years ago and have been paying it off for years, maybe even overpaying while rates were low.

It’s generally younger people who will be hardest hit which doesn’t seem at all fair.

They are a potential FTB, they are the people sellers need to get their house sold and move on with their lives, that will only happen now after a serious price correction.

CrashyTime · 26/10/2023 22:47

Overthebow · 26/10/2023 22:21

We have a big mortgage, but we also have a large amount of equity. Prices would have to fall a lot to cause us any issues and it doesn’t look like that’s going to happen. Same for a lot of people who have mortgages, and there’s many more who don’t have a mortgage or only have a small one. First time buyers will be more affected because it’s going to take them longer to e able to buy. Rents have already gone up and it’s very competitive to get a rental in a lot of places at the moment. It’s still better to have bought then to rent.

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FTB`ers struggling to buy just means sellers struggling to sell, the market price has to drop now for the market to function. it might be better for you to buy over renting but to generalise that to the whole market would be absurd, there are loads of people regretting taking on mortgages now.

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